Investcorp, the Bahrain-based alternative asset manager backed by Abu Dhabi's Mubadala Investment Company, has appointed financial industry veteran Mashaal AlJomaih as chief executive for its Saudi Arabia unit, as it seeks to boost its ties with investors in the Arab world's biggest economy. Mr AlJomaih, who has more than 20 years of experience in investment and advisory roles, will replace the retiring Yasser Bajsair, Investcorp said in a statement on Sunday.
The duo worked closely to grow Investcorp’s business and investor relations in Saudi Arabia, creating a "deep relationship network" across private wealth and institutional investors, which include ultra-high-net-worth individuals, family offices, financial institutions, pension funds, endowments and sovereign wealth funds, it said. Investcorp will continue expanding its growth strategy in Saudi Arabia, "[having] seen a wealth of opportunities and appetite for investment in the kingdom ... capitalising on a dynamic and ambitious market", Mr AlJomaih said.
Before joining Investcorp in 2022, Mr AlJomaih held a number of senior positions at BNP Paribas Investment Company and JPMorgan Chase Bank, and co-founded of Darin Partners, a UK-based commercial real estate investment and consultancy.
Mr AlJomaih was "instrumental in supporting the growth of our business in Saudi Arabia over the past two years. Having worked with him closely, I know he will continue the firm’s expansion in the kingdom with his rich knowledge and understanding of the local market", said Yusef Al Yusef, global head of distribution at Investcorp.
Investcorp, which is known for its shareholding in Tiffany and Gucci during its early years of investing, has grown to become a global investment powerhouse. The company is among several international asset managers seeking funding from local and foreign investors for their Middle East-focused investment funds.
It currently manages about $53 billion in assets, including those managed by third-party managers. The firm has 14 offices across the GCC, US, Europe and Asia, including, India, China, Japan and Singapore, employing around 500 people.
Investcorp was able to raise $5.4 billion in funding from global investors during its last fiscal year and expects to reach a similar level this year despite a sharp increase in geopolitical volatility in the Middle East, its vice chairman Rishi Kapoor told The National in Riyadh earlier this month.
The company also deployed $4.4 billion in capital during the 12-month period to the end of June across asset classes and expects investor appetite to remain strong, with Investcorp hitting a “similar level” of investments during the current financial year, he said at the time.
